Mortgage modification?
April 16th, 2009
Posh asked:
Could you please help me with my mortgage modification, I need to know if debt to income ratio is a factor in being approved. I also would like to know how much of a reduction the mortgage company can approve. Thank you.
Could you please help me with my mortgage modification, I need to know if debt to income ratio is a factor in being approved. I also would like to know how much of a reduction the mortgage company can approve. Thank you.
usually you will go with a “refi”. years ago, it was 4 times your annual income for a mortgage debt. so if you made $30,000 you were good for a $120,000 mortgage. i’m not sure about todays practices.
there’s been so much “hanky panky” in the mortgage industry in the last few years, zero percent and other crap. i’d stick to the old standard of 4X your income for any mortgage, then you’ll stay out of trouble. i had a 9% mortgage in 1990 and paid it off in 24 months.
find the lowest rate and pay it off as fast as possible.
the funniest part is people deducting the interest from their mortgages from their taxes. they will pay a bank $10 in interest to get UP TO $3.50 back in taxes! Here bank, take my $10, so i can get maybe $3.50 back from the feds! too stupid!
r u trying to do a loan modification because if so the debt to income ratio doesnt affect it in a way it helps it because then the bank knws that u r on a real tight budget i specialize on that i knw a lot of ppl who hav been aproved only heard of two that havent been aproved because it was too late for them if u have any questions email me hope i helped